All Forum Posts by: Matthew J. T.

Will I live in New Mexico, we don't have state income tax here.

@ J Scott - Thank you!

@ Ty I agree with everything you said, however lets say you get a house worth 250k, and has lots of equity, and you get it under contract for 100k (just an example) and you resell it to investor for 165k, your difference is 65k, so on assignment you are literally going to have to put you want 65k out of the deal, even though it's a GOOD deal for investor, they might no like the fact you are getting that much out of the deal... In that case, I have thought that giving more of a discount to the property they would get a better deal, therefore, I would be making a little less assignment fee, with double close nobody has to know anything.

@ Will it quoted your name because you and Ryan had been talking to each other in that part of the discussion. I figured out how you can double close and not use any of your money, you use your buyers money to fund the deal. Other than that, if you don't have your own money, than chances are Trans Funding is the best method to fund the deal.

If I can make large money on assignment fees, and my end buyer is happy with his end, that obviously Assignment, are much easier, faster, and less hassle.

Is 15% tax earned income per property you wholesale, or is it done for the total net profit you make on all your wholesale deals?

I would like to know how you double close without having to bring any money to the table. Double closing = larger fee's and if I can do this and not have to bring trans. funding I think that would be great.. Double closing, you are technically "buying" and "re-selling" so in order to "buy" how are you doing that with no trans-funding, or no money on the table??

Thanks guys!

That's why I brought it up Chris, for tax purposes, does it matter if I am flipping under my name or my business name? I don't yet have an LLC or anything so I can't really do anything except under my name, and I am also unfamiliar how taxes work when wholesaling. I want to pay the 15% earned income that people have been talking about for taxes, I don't want to be paying high capital gains, and considered a dealer on taxes.

I had a question about taxes for wholesaling, is it better to start an LLC to avoid capital gains? I don't get how the whole earned income thing works? Also I read that you do not want to be listed as a dealer on taxes either...How do you all file your taxes without high percentages taken from profits?

Does it make a difference if I put my name as the buyer in a purchase and sale agreement, or is it better to use your business's name when putting something under contract? I don't know if it matters, but I thought I would ask.

So once licensed as an agent or an associate as I referred, you MUST work for a broker in order to have access to MLS?

James, that's exactly what I was thinking, I am in New Mexico, and here they offer Associate Broker program (not sure how long but less time than a broker), and also a broker program (2years). Did you take course for associate broker licence? I have the time, I need to look into getting into it. I am tired of having to go to a "REALTOR" for comps, and these free sites just aren't doing it for me...

This is what they offer: http://www.cnm.edu/depts/bit/programs/business/re/

But do associate brokers have access to MLS? Because I notice you said you only did it within a couple of months, so that's what I am thinking you got certified in..